The Bank of Castile is not just a bank that serves us for financial purposes. It was rebranded by the authorities. It’s a long story to discuss. Tompkins Financial Corporation decided to rebrand this bank and their effort was successful.

Finally, this bank is on the road to success. Without changing existing banking services, rebranding this bank was a timeless decision.

On top of that, without changing local leadership and management, they still offer their best service to us.  But a bank is all about financial services.

We are interested to discover what they offer to us and why we should choose them.

This Bank was rebranded
Picture: This Bank was rebranded

What Is the Bank of Castile?

As one of the oldest banks, this one started to provide its banking and financial services in 1869. Now, it has assets totaling $1 billion. The astonishing fact is, its deposits are also $1 billion.

Now we know, this is a comparatively large bank in the USA. To offer above-average customer service, the Bank of Castile established its headquarter in Castile, New York. In many ways, this bank has become the best in the banking sector.

Even they offer live chat features to make a strong relationship with their customers. They don’t follow the road for typical customer service. It offers in-person service along with online and mobile apps.

It got a 3.7 rating out of 5. That means it’s a better alternative for many potential clients.

Choose what service you need
Picture: Choose what service you need

Quick Overview:

To know its overall performance you can look assets and liabilities chart below:

ParticularsQ1 2021Q1 2020
Assets$1.89 Billion$1.52 Billion
Loans$1.30 Billion$1.18 Billion
Deposits$1.69 Billion$1.29 Billion
Equity Capital$140.1 MM$136.1 MM
Loan Loss Allowance$12.6 MM$12.7 MM
Unbacked Noncurrent Loans$17.8 MM$2.2 MM
Real Estate Owned$88.00 K$161.00 K

Read More: Why People Trust Clear Mountain Bank

The Motto of The Bank:

Every community bank has a specific motto that influences them to go ahead and offer the best service. We’ve discovered some of them followed by this bank. Let’s discuss it.

  • The locals are always powerful to influence banking services. It’s true, the local community helps to grow and they are the heart of the banking service.
  • The authorities believe they are also part of the community. Without involvement with the community, it’s impossible to make a relationship with the client.
  • Everyone in this community leads to a passion. That’s why it’s important to value all the members of the communities. It’s all about serving them, loving them, and working with them.
  • Innovating and offering different products is the key to work for success. Such types of innovation can be the best financial solution for people.

Financial Product:

Bank of Castile comes with lots of different services. We tried to segregate all these services below for a better understanding.

Personal Banking

Deposits

  • Checking
  • Savings
  • CDs & IRAs
  • Debit MasterCard

Loan

  • Mortgages
  • Home Equity & Other Loans
  • Credit Cards

Services

  • Customer Service
  • Digital Banking
  • Digital Wallet
  • Financial Education
  • Other Services

Business Banking:

  • Business Checking
  • Deposits
  • Business Savings

Loans

  • Business Credit Cards
  • Loan Options

Services

  • Cash Management
  • Escrow Manager
  • Merchant Service
  • Treasury Management

Insurance & Investments

  • Insurance
  • Investment
Customer satisfaction is everything
Picture: Customer satisfaction is everything

Rate of the Product:

To know about the rate for different services, look at the below.

ProductCurrent Terms and RatesMinimum Balance for APY
Savings Account0.2% APY$1
Checking Account0.05% APY$1
Certificates of Deposit12 Month: 0.25% APY24 Month: 0.40% APY36 Month: 0.60% APY48 Month: 0.75% APY60 Month: 1.00% APY$1000 for all terms
Money Market Accounts0.15% APY0.18% APY$10000 $15000

Comparison of Savings Rates of The Bank of Castile:

To know how good or bad the rate of this bank is, you need to compare the rate to others. On average, The Bank of Castile Savings rate is 0.20 where the National average is 0.09. Look below to compare the rate with the national average.

ParticularsRate of the Bank of CastileNational Average
Monthly Fee$3.00$3.31
Non-network ATM FeeN/A$1.20
Overdraft Fee$38.00$35.00

Now we can see, in many services, this bank offers lower rates than the national average. But not every service is the best of this bank.

As you see, its overdraft fee is higher than the national average. This rate makes it slightly worse for the client to choose some services.

Read More: How To Get A Vehicle Loan With Security Credit Union?

Service Quality:

Now we’ve come to the main point to discuss and that is service quality. It doesn’t matter how much a bank offers. If the quality of the service is poor, then clients don’t feel any interest to make a financial relationship with the bank. This bank has 19 branches in New York. To reach their clients easily, they also introduced web apps and mobile apps.

Social platforms help to build customer relationships
Picture: Social platforms help to build customer relationships

Mobile banking is the key point that is loved by the customer. It’s not only easy to operate but also offers the freedom to manage money. Even on the go, a client can transfer money, check account status, show statements, and many more.

Not only that, its customer service is best to deal with the client. But the only limitation is, as a client you’ve to communicate with them during its hours.

On the other hand, if you feel free to discuss with the representative, then you can join them in live chat to get the best support. Every client can access their service whenever they want.

Social platforms help to build customer relationships
Picture: Social platforms help to build customer relationships

Conclusion:

Rebranding doesn’t work all the time for the community bank to drive their activity road to success. But the Bank of Castile shows how to do it. They only rebranded their name, but their service is still very much competitive.

Thanks to its management. They set a motto where we found why they become best in banking service. Including different financial products, they offer as much as they can to make a strong bond with their existing and potential clients.

From the mobile app to the web, this bank makes everything easy to control and manage the account. We wanted such banking services that we’ve found in this bank. So, compared with other community banks, this one is best.

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